Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.4872)
- Resistance Levels: 1.4985, 1.5092, 1.52
- Support Levels: 1.4825, 1.4705, 1.4598
- Trade Strategy: Stand Aside
Yesterday, the GBP/USD tested the range resistance and then turned back lower. Looking at the below daily MT 4 chart, we note the Sterling is trading below the key 1.50 pivot once again.
If there is a daily close below the technical support at 1.4825, now within reach, the Cable will challenge the technical support at 1.4705. Should the Pound strengthen, pushing the GBP/USD higher, then we need a break above the congestion area at 1.4950 to 1.14825. If this happens, the Cable will test the technical resistance at 1.5092.
This currency pair is too close to a support level to justify a short GBP trade. Timing is not right from a risk to reward perspective. There are no clearly defined bullish reversal signs for a long Dollar trade as well. I will stand aside till a more actionable trade signal develops.
